Please do not run around individual
banks to search for Unclaimed Deposits. Just log into the centralized portal
developed by the Reserve Bank of India and see the magic of data collation.
This
user-friendly platform streamlines the process and offers a one-stop solution
for all your unclaimed deposit inquiries.
Unclaimed
Deposits: After 10 years
of inactivity, savings, current accounts, and term deposits become classified
as "Unclaimed Deposits" and are transferred to the Reserve Bank of
India's "Depositor Education and Awareness" (DEA) Fund.
Despite
awareness efforts, this volume continues to grow due to non-operational
accounts, unclaimed matured fixed deposits, and cases involving deceased
depositors.
The
RBI has introduced a centralized web portal, UDGAM (Unclaimed Deposits -
Gateway to Access inforMation), allowing individuals to search and claim these
deposits across multiple banks to address this issue.
Unclaimed
Deposits, which encompass stagnant balances in savings or current accounts for
a decade or unclaimed term deposits beyond their maturity date, are
reclassified as "Unclaimed Deposits." Banks subsequently channel
these funds into the "Depositor Education and Awareness" (DEA) Fund
managed by the Reserve Bank of India.
Importantly,
depositors still retain the right to reclaim these deposits, complete with any
accrued interest, at a later date by liaising with the banks where these
deposits were initially held.
Surprisingly,
despite ongoing public awareness campaigns conducted by both banks and the RBI,
the total value of Unclaimed Deposits continues to rise.
This
surge in Unclaimed Deposits primarily arises from the failure to close inactive
savings or current accounts, as depositors no longer intend to use them, or the
non-submission of redemption claims for matured fixed deposits.
Furthermore,
cases often involve accounts belonging to deceased depositors, with the
nominated individuals or legal heirs failing to come forward to make a claim at
the concerned banks.
An
account qualifies as an Inoperative Account (10 Years and Above) or an
Unclaimed Deposit if there has been no activity (apart from interest credits
and service charge debits) for ten years or more since the last operation.
To
address this issue, the RBI has introduced a centralised web portal named UDGAM
(Unclaimed Deposits - Gateway to Access Information). This portal facilitates
the search for unclaimed deposits across multiple banks, enhancing depositors'
access to such data and employing AI tools to optimize search results.
The
RBI's overarching objective is to protect depositors, ensuring that newer
deposits do not become unclaimed, and unclaimed deposits are returned to their
rightful owners or beneficiaries following established procedures.
Collaborating
with Reserve Bank Information Technology Pvt. Ltd. (ReBIT), Indian Financial
Technology & Allied Services (IFTAS), and participating banks, this
innovative platform empowers individuals to identify and claim their unclaimed
deposits or reactivate dormant accounts at their respective banks, contributing
to greater financial security and transparency.
Disclaimer: This
blog post aims to motivate bank account holders to reclaim their funds from
their banks. Ultimately, it emphasizes safe ePayments.
2 comments:
Very useful information to depositors who have lost hope and thought may not get it it is an opportunity to get the money back an amazing act by Reserve bank of India. Definitely an depositor friendly
Firstly, I appreciate the writer's clear and concise writing style. The information is presented in a way that is easy to understand, even for someone who is not familiar with the topic. The Udgam Portal RBI link help individuals track and claim unclaimed deposits across various banks in India. The portal provides a centralized database of unclaimed deposits, making it easier for people to search and locate their missing funds.
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